Despite Pandemic, 2020 Raised P8.85 Billion for Philippine Startups


It’s been a tough year for many companies, but over 15 Philippine startups have still managed to raise $183.8 million (P8.85 billion) in investments from the first half of 2020 alone.

This is according to Foxmont Capital Partners’ inaugural Philippine Venture Capital Report.

The first half of 2020 performed better than the entire year of 2019 with an investment fundraising increase of 384 percent. The disclosed investment amounts in 2019 reached just a fraction of 2020’s with $37.9 million (P1.8 billion).

Of the total amount raised in H1 of 2020, 80 percent is for the fintech sector, supporting the trend of fintech’s growing dominance in the economy. Other sectors that drove investments were IT, software, transport, and logistics.

Fintech Voyager Innovations was a big contributor to this year’s growth with a whopping $120 million private equity investment. Other fintech investments this year include Tonik, Upload, TendoPay, Advance, and Ayannah Global. Other standouts include e-commerce startup Great Deals E-commerce Corp., which raised $12 million in private equity as well.


Edtech accounted for two big investments this year: and Avion School, both of which are now even more relevant given the school-at-home situation and the need for employees to upscale in this digital era.


“The country is at a turning point in the way business is done, given the digital pivot, as well as the challenges presented by COVID-19,” says Franco Varona, managing partner of Foxmont Capital Partners. “The Philippine Venture Capital Report presents an interesting snapshot for both startups and investors as we navigate this unique period.”

The Philippine startup ecosystem consists of over 400 startups, 50 angel investors, 40 venture capitalists, and 35 incubators and accelerators. While 2020 raised over $180 million for Philippine startups, the local ecosystem still trails behind its ASEAN neighbors when it comes to investment volumes. But this is expected, and anticipated, to change in the coming years as more investors realize the potential of Filipino innovation.

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To read Foxmont’s full report, click here.

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Anri Ichimura
Section Editor, Esquire Philippines
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